(Bloomberg) — One of Brazil’s largest hedge fund managers is betting on rising prices for precious metals after the U.S. and other allies imposed financial sanctions on Russia in response to its invasion of Ukraine, including the freezing of certain central bank assets.
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SPX Capital, which manages about 64 billion reais ($12.7 billion), built a long position in precious metals, especially gold, during the past few weeks, Ylan Adler, a partner and head of commodities at the firm, said in an interview.
“These events are a game changer,” said Adler. “Central banks will likely boost their purchases of real assets and, if possible, store them under their own custody, creating additional demand for gold.”
Gold-backed exchange-traded funds have been drawing significant inflows as investors seek haven assets amid the geopolitical turmoil and accelerating…
